There is no economic crisis in Pakistan: Asad

There is no economic crisis in Pakistan: Asad

Islamabad (Staff Report): Finance Minister Asad Umar has said that there is no economic crisis in Pakistan and all fundamental economic indicators are improving.

Addressing the inauguration ceremony of the 11th South Asia Economic Summit organised by Sustainable Development Policy Institute in Islamabad, the finance minister said that that the government has successfully overcome the economic crisis with the help of friendly countries.

He claimed the financing gap for the current fiscal year has been plugged and the fruits of government's vibrant economic policies will soon be visible.

Asad said spreading rumours about the national economy would not do any service to the country.

The minister said all the fundamental economic indicators are now improving with exports witnessing an upward trend while the imports are decreasing. He said the current account deficit is also being overcome gradually.

Speaking about the devaluation of the rupee last week, Asad said that the State Bank of Pakistan (SBP) had taken the decision and they will continue to take such decisions.

“There will be no compromise on the independence of State Bank of Pakistan rather it will further be institutionalised”, the finance minister asserted.

The finance minister clarified that mechanism regarding communication between the SBP and the ministry of Finance is being worked on. He that said Pakistan is emerging as a vibrant economy and offers immense opportunities for investment.

The minister underlined that intraregional trade is of vital importance to bring the people out of poverty and attaining the goals of progress and prosperity.

On Monday, Prime Minister Imran Khan while speaking to a group of journalists from various TV channels, said that the decision to devalue the rupee against the US dollar was taken by the State Bank of Pakistan.

"We have made SBP autonomous, they took the decision because they deem it fit," he added.

The PM said that the work on a mechanism is in progress under which the SBP cannot devalue the currency without taking the government into confidence.